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Bank of America's $100 Checking Account and Bill Pay Bonus

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Bank of America
Update 8/21/09: The promotion has ended.

Bank of America has a new promotion for new checking customers. You can get $75 when you open a new qualifying personal or business checking account with a $250 deposit and make a purchase with your debit card. An additional $25 is available when you make 2 online bill payments within 30 days. This $25 bill pay bonus is also available to existing checking account customers who have not made a bill payment from BofA within the last 6 months.

Here's the $100 promotion page for new checking customers: promo.bankofamerica.com/getmore100. Enter offer code WIWGASINT for personal account or SBECASH for business account.

And here's the $25 promotion page for bill pay: billpayoffer.bankofamerica.com.

Some of the important small print to qualify for the $75 includes:
  • You get $75 when you open (1) qualifying new checking account with an opening balance of $250 during the eligibility period and (2) use your debit card for the new checking account to pay for a purchase from a merchant within 30 days after opening the new account.
  • This is a special limited time offer available to new customers who open an eligible new personal or business checking account online or in one of our banking centers.
  • Offer does not apply to second or multiple accounts.
  • A new customer is a person who is not currently a signer and who was not a signer within the last 6 months on a Bank of America checking account.
Important small print for the $25 bonus includes:
  • For new customers: To get the additional $25, use the online bill payment service to pay two bills from your new checking account within 30 days after opening the account.
  • For existing customers who have not made a bill payment with Bank of America Online Banking within the last 6 months: Customers will get $25 if they use the Online bill payment service to pay two bills from their checking account within 30 days.
Credit for this find goes to SlickDeals member Iqleon who mentioned this promo in this SD thread.

Hard Credit Pull

There are some things to note regarding BofA. First, many have reported that BofA does a hard credit inquiry on your first checking account. A reader noted in a previous BofA post that he received two pulls when he did this promo in early 2008. A hard credit inquiry can ding your credit score a little for a few months.

Receiving the Bonus

It can take patience and persistence to receive the bonuses. The bonuses that I've received only came after reminding them using their online message system. Others have had to make many calls to a banking rep. Not everyone has been successful.

Old and New Fees

According to the online application page, MyAccess Checking is "free with no direct deposit requirement. No minimum balance required." Make sure you keep an eye on your statements to make sure no fees start popping up. You might want to make a copy of the application where it states that the MyAccess Checking will be free.

BofA charges for things that you might expect are free. For example, if you make an outgoing ACH transfer, there's a $3 charge (see BofA page).

BofA recently notified customers of account changes which include new fees. Here's their information page on this. MyAccess Checking monthly fee is going up to $8.95 per month starting June 5th if you don't maintain a $1,500 balance or if you don't have direct deposit. However, here are the exclusions listed:
Fee changes do not apply to customers who opened a free MyAccess Checking account during specific time periods at Bankofamerica.com: Customers in GA and TX after 11/1/2006; and customers in any state after 4/20/2007.

Customer Service

There have been many reports of bad customer service at BofA. Here's an interesting one that was was posted at the Consumerist last year.

Other Bank Bonuses

Other Bank of America bonuses can be viewed in my Bank of America deals page. The last BofA bonus that I posted on was another $75 checking bonus. Unlike this new one, it required an initial deposit of $500 in a checking account rather than $250.

To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts.
  Tags: checking account, Bank of America

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Comments
11 comments.
Comment #1 by Anonymous posted on
Anonymous
Bank of America absolutely sucks! They lure you in with freebies then do not pay. Also, beware of new fees that are thought up everyday to make your experience terrible.

1
Comment #2 by Anonymous posted on
Anonymous
Their deal for new checking account with reference code AOU260609 to get $75 seems better; The offer is available only to new customers who open a qualifying personal checking account with a minimum balance of $500, the new checking account must be open for at least 30 days, you must make a minimum of 1 transaction with the newly assigned check card, open your qualifying new Bank of America personal checking account by 08/30/2009 online, the offer is available only to new customers who open a new qualifying personal checking account, and the new customer is not eligible for this offer if they were a signer on a Bank of America checking account that was closed within the last 3 months. This new post states 6 months. As long as you are careful with your accounts and balances, then Bank of America can be a good account. Where I am, Bank of America ATMs and brances are all over.

1
Comment #3 by Anonymous posted on
Anonymous
Thanks for the additional info! However, the hard credit pull is the deal breaker.

1
Comment #4 by bankofamerica (anonymous) posted on
bankofamerica
i agree with bankofamerica

1
Comment #5 by bankofamerica locations (anonymous) posted on
bankofamerica locations
good article but what to do now

1
Comment #6 by walt (anonymous) posted on
walt
As Felix Salmon notes http://seekingalpha.com/article/146822-the-scandal-of-overdraft-fees, BoA may get your bonus back quickly in overdraft fees. "There’s been a lot of noise about overdraft fees of late, or NSF fees as they’re known in the industry. (It stands for non-sufficient funds.) Bank of America will now assess such things ten times a day...."

1
Comment #7 by Anonymous posted on
Anonymous
Has anyone received their $25 billpay bonus? It's been 90 days now!?!

1
Comment #8 by Anonymous posted on
Anonymous
Somehow, I thought that the deal was to open with $150 balance, which is what I did. I'm usually good with details like this, so I'm wondering if I might have linked to the deal from a website that had incorrect information. Did this happen to anyone else?

1
Comment #10 by Anonymous posted on
Anonymous
i am going to another bank, they are now going to charge fees even if you get direct deposit, what about us seniors they are charging us to cash our social security checks now,they created there fraud and now we have to pay it back for them ,shame shame on them have been with them for 13years never had a overdraft. dont they take that into consideration ,also its just another scam to lay off workers, they are forcing people to do all banking thru internet double shame ,so you lay off your tellers i am going to a credit union ,at least they treat you as a person .no matter how much money you have ,adios bank of america  r.m tucson az.

1
Comment #11 by Anonymous posted on
Anonymous
their to dam noisey and they lie

1